Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of components of debt obligations

Debt obligations consist of the following (in thousands):

	September 30,		December 31,
	2022		2021
Revolving credit facility	$	335,000	$	220,000
Term loan		—		120,000
Notes to former owners		45,400		47,954
Finance lease liabilities (See Note 8)		79		266
Other debt		227		—
Total principal amount		380,706		388,220
Less—unamortized debt issuance costs		—		(190)
Total debt, net of unamortized debt issuance costs		380,706		388,030
Less—current portion		(2,514)		(2,788)
Total long-term portion of debt, net	$	378,192	$	385,242

Schedule of future principal payments of notes to former owners

At September 30, 2022, future principal payments of debt are as follows (in thousands):

Year ending December 31—
2022 (remainder of the year)	$	499
2023		9,467
2024		10,867
2025		22,229
2026		2,644
2027		335,000
	$	380,706

Schedule of market rates relating to interest options under the Facility

Base Rate Loan Option:
Federal Funds Rate plus 0.50%	3.58%
Wells Fargo Bank, N.A. Prime Rate	6.25%
One-month SOFR plus 1.00%	3.47%
SOFR Loan Option:
One-month SOFR	2.47%
Six-month SOFR	1.43%

Summary of additional margins

	Net Leverage Ratio
	Less than  1.00		1.00 to less than 1.75		1.75 to less than 2.50		2.50 to less than 3.00		3.00 or greater
Additional Per Annum Interest Margin Added Under:
Base Rate Loan Option	0.00	%	0.25	%	0.50	%	0.75	%	1.00	%
SOFR Loan Option	1.00	%	1.25	%	1.50	%	1.75	%	2.00	%
Letter of credit fees	1.00	%	1.25	%	1.50	%	1.75	%	2.00	%
Commitment fees on any portion of the Revolving Loan capacity not in use for borrowings or letters of credit at any given time	0.15	%	0.175	%	0.20	%	0.225	%	0.25	%

Notes to Former Owners

Schedule of future principal payments of notes to former owners

	Balance at		Range of Stated
	September 30, 2022		Interest Rates
2022	$	400	2.5	%
2023		9,400	2.5	%
2024		10,800	2.5 - 3.0	%
2025		22,175	2.3 - 2.5	%
2026		2,625	2.5	%
Total	$	45,400